BorgWarner sees annual sales below estimates on supply snags, higher costs
04/05/2023 12:46
May 4 (Reuters) - BorgWarner Inc BWA.N on Thursday
forecast full-year sales below analysts' estimates as supply
chain issues continued to weigh on the auto supplier, sending
the company's shares down nearly 2% in premarket trading.
The Michigan-based firm like other auto companies has been
grappling with a shortage of certain raw materials and higher
costs to procure them.
Supply headwinds, which began during the height of the
pandemic, threaten to hurt demand for auto parts and comes at a
time when carmakers are ramping up production.
BorgWarner - whose clients include Volkswagen VOWG_p.DE ,
General Motors GM.N and Ford F.N - expects 2023 net sales
between $17.1 billion and $17.9 billion, compared with Refinitiv
estimates of $17.23 billion.
On an adjusted basis, the company earned $1.09 per share in
the first quarter, compared with estimates of $1.11.
(Reporting by Raechel Thankam Job and Nathan Gomes in
Bengaluru; Editing by Shilpi Majumdar and Shounak Dasgupta)
((RaechelThankam.Job@thomsonreuters.com))